Where Does Your Money Goes?
Thursday Mar 02nd, 2017Share
From the study done by Statitics Canda, our debt-to disposable income ratios are at all-time high.
For every single dollar of disposable income there is $1.67 we have to pay back. The main drivers are real estate prices. With interest rates remaining at low, Canadians continue to feel comfortable borrowing more.
Here's some common areas where many of us are putting our money, just to name a few.
1. Grocery Stores - Once or twice a week grocery is usual for most households.
Sometimes when we feel that an item is "on sale" we tend to grab more. And that is one of the many culprits. We tend to stock and pile up. It will be a good idea to have a planned meals and especially with produce items, this will ensure you will have more fresher items available.
2. Driving a Car - It is really convenient to drive a car, but most of us don't realize it is expensive. Canadian Automobile Association and Globe Drive Research says the annual cost is over $10,000 a year. This is based on a 2013 Toyota Camry with 18,000 km a year, with cost of gas set to $1.23/litre with up to date maintenance and repairs.
3. Shopping - Going to a mall without a clear shopping list will result to spending more. The longer you stay, you might find yourself tired and hungry so you will grab a food and drink. You like the item, you have the money, of course - reward yourself.
Many people in the mall are impulse shoppers. My advice is to resist a temptation and make a shopping list with budget.
4. Underutilizing Health Benefits - Most of you will have a good employee health benefits that includes massage, chiropractor services and orthotic shoe benefits.
Make use of these benefits to relax - but make sure your covered.